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EUR/USD was down to a low of 1.0807 roughly two hours ago but have quickly turned around to nearly erase all of its declines for the day, trading up to 1.0920 currently.
EUR/CHF has also risen from parity to 1.0080, up 0.6%, with a little help from the SNB surely. Meanwhile, EUR/GBP has also erased its earlier drop from near 0.8200 to 0.8269 now – the highs for the day.
I don’t see any headlines for the turnaround but it also comes as equities pare some of its drop from earlier. The DAX is now down 1.5% after having been down by near 4% at one point earlier today. S&P 500 futures have also trimmed declines to 0.5% from a 2% drop earlier.
Elsewhere, oil has is also pushing towards the lows for the day but is still comfortably higher upon the opening gap. WTI crude is up 4.6% still to around $121.
The jump in EUR/USD has seen dollar gains against the pound ease up as well with GBP/USD now near 1.3200 from around 1.3140 levels earlier.
In any case, I’m not too convinced of the jump in the euro just yet but I would expect traders to prepare for some jawboning by the ECB going into Thursday.